From 4Q 2009 to 1Q 2013, GDP decreased by 7,8%. This is in contrast to Russian privatization, which consisted of sales of communal assets to private companies rather than share-transfer to citizens. Czech Republic gdp per capita for 2018 was $23,047, a 13.09% increase from 2017.

DataBank. [48], In August 2015, Czech GDP growth was 4.4%, making the Czech economy the highest growing in Europe.

It is a member of the OECD. according to the Czech Statistical Office: Benacek, Vladimir: economics of alliances and (dis)integration, an alternative interpretation of transition illustrated on Czech economic history (June 2002) - 25 p. Horvath, Julius: the Czech currency crisis of 1997 - En: Dabrovski, Marek: currency crises in emerging markets - New York: Springer, 2003 - p. 221-234, OECD: economic surveys, Czech republic, 1991-2018 (OECD iLibrary), Zidek, Libor: from central planning to the market, the transformation of the Czech economy 1989-2004 Budapest: CEU press, 2017, This page was last edited on 24 October 2020, at 11:08. The Czech Republic ranks 13th in inequality-adjusted human development and 14th in World Bank Human Capital Index ahead of countries such as the United States, the United Kingdom or France. Since its accession to the European Union in 2004, the Czech Republic has adopted the Economic and Monetary Union of the European Union and it is bound by the Treaty of Accession 2003 to adopt the Euro currency in the future.

In early 2004 the government passed increases in the Value Added Tax (VAT) and tightened eligibility for social benefits with the intention to bring the public finance gap down to 4% of GDP by 2006, but more difficult pension and healthcare reforms will have to wait until after the next elections. Unemployment: 2,3% (September 2018)[64], Industrial production growth rate: 3.5% (2016), Household income or consumption by percentage share: (2015), Exports: $136.1 billion If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. Czech Republic gdp per capita for 2019 was, Czech Republic gdp per capita for 2018 was, Czech Republic gdp per capita for 2017 was, Czech Republic gdp per capita for 2016 was. Agriculture: 2.5% CSV XML EXCEL. The table below lists countries in the world ranked by GDP at Purchasing Power Parity (PPP) per capita, along with the Nominal GDP per capita. Online tool for visualization and analysis. 1990-2019 Data | 2020-2022 Forecast | Historical. Introduced at a 1:1 ratio to the Austro-Hungarian currency, it became one of the most stable currencies in Europe. [60] This 2015-approved energy strategy expects construction of an additional nuclear reactor in the Temelín Nuclear Power Station and another one in the Dukovany Nuclear Power Station with the possibility of further expansion to two reactors in each power station. [45] In September 2008, Miroslav Kalousek formed state budget with projection of 5% GDP increase in 2009. Another complicating factor was the current account deficit, which reached nearly 8% of GDP.

[citation needed] The Czech crown became fully convertible for most business purposes in late 1995.

GDP Growth: 2.6% (2016)

The GDP per capita is obtained by dividing the country’s gross domestic product, adjusted by inflation, by the total population. Moreover, unlike many other post-communist countries, an overwhelming majority of the household debt – over 99% – is denominated in the local Czech currency.
Inflation: 0.7% (2016) Christian Aspalter, Kim Jinsoo, Park Sojeung. [citation needed] Privatization through restitution of real estate to the former owners was largely completed in 1992. Import goods: machinery and transport equipment, raw materials and fuels, chemicals (2018) [59], The updated energy strategy of 2019 envisions a gradual phase out of coal power share in total electricity generation from 2015's 46.2% down to 15.5% by 2040. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

[39] The largest trading partner for both export and import is Germany and other members of the EU in general. A nation’s economy refers to the macroeconomic indicators of the country.

Delays in enterprise restructuring and failure to develop a well-functioning capital market played major roles in Czech economic troubles, which culminated in a currency crisis in May. ): $33,500 (2016) The Trading Economics Application Programming Interface (API) provides direct access to our data. Key priorities included accelerating legislative convergence with EU norms, restructuring enterprises, and privatising banks and utilities. Within five years, Czechia should also surpass New Zealand and Japan. Please check your download folder. After the occupation and forced subordination of the economy to German economic interests, the crown was officially pegged to the mark at a ratio of 1:10, even though the unofficial exchange rate was 1 to 6-7 and Germans immediately started buying Czech goods in large quantities.[42].
Inflation is under control.

In 2013, Czech National Bank, central bank, implemented controversial monetary step. In the middle of 2009, the annual drop of the GDP for 2009 was estimated around 3% or 4.3%,[44] a relatively modest decrease.

The country's economic transformation was far from complete. Do Ruska jde minimum, Podíl dovozu ze zemí EU 28 na celkovém dovozu (%), "International investment position statistics - Statistics Explained", "GDP, government deficit/surplus and debt in the EU (in national currencies)", "Scope affirms the Czech Republic's AA ratings with a Stable Outlook", Analysing the Welfare State in Poland, the Czech Republic, Hungary and Slovenia: An Ideal-Typical Perspective, Czech democracy ‘under threat’ from rising debt crisis, Unemployment rates, seasonally adjusted, March 2018 (%), Israel and the US have the highest poverty rates in the developed world, 2018 Index of Economic Freedom Country Rankings,, "Earth Times: show/278536,czech-economy-to-shrink-by-43-per-cent-in-2009.html", "Miroslav Kalousek: Moná vás zklamu: krize nám nehrozí", "Služby - vývoj tržeb ve službách v ČR, 2015", "Česká ekonomika roste nejrychleji v celé EU", "Tvorba a užití HDP - 1. čtvrtletí 2015, Rychlejší růst české ekonomiky potvrzen (in Czech)", "Czechs Power EU's Fastest GDP Growth as Romania, Hungary Stumble", "Nezaměstnanost v říjnu opět klesla, lidí bez práce je nejméně od února 2009", Czech foreign owned companies take second biggest dividend yield in 2017:report, European Structural and Investment Funds: Country factsheet - Czech Republic, Germany’s troubled relations with the Visegrad states show the limits to its power, Češi loni spotřebovali rekordní množství elektřiny.

The strategy sees nuclear energy as a non-carbon source of energy to be used during a slow transition to renewables in order to minimize the use of carbon-emitting fossil fuels that cause climate change.

Most Recent Value.

): $353.9 billion (2016) The Czech Republic is considered an export economy (the Czech Republic has strong machinery and automobile industries), however in 2013, foreign trade rapidly decreased which led to many other problems and increase of state budget deficit. Czechoslovakia was the most prosperous country in the Eastern Bloc, however it continued to lag further behind the rest of the developed world. Publish your articles and forecasts in our website.

As a fraction of the GDP, the Czech public debt is among the smallest ones in Central and Eastern Europe. Current Account balance: $2.216 billion (2018)

[41], The consequences of the 1938 Munich Agreement and subsequent occupation were disastrous for the economy.

With the disintegration of the communist economic alliance in 1991, Czech manufacturers lost their traditional markets among former communist countries in the east. The credit portion of the Financial crisis of 2007–2010 did not affect the Czech Republic much, mostly due to its stable banking sector which has learned its lessons during a smaller crisis in the late 1990s and became much more cautious. Czech Investment Abroad: $43.09 billion (31 December 2016)

Although foreign direct investment (FDI) runs in uneven cycles, with a 12.9% share of total FDI between 1990 and March 1998, the U.S. was the third-largest foreign investor in the Czech economy, behind Germany and the Netherlands.

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